INSTRUCTIONS: Give the journal entries to record the above transactions in the books of the partnership and the corporation. 2. 19X2 May 1 - 2 - The Scheezo Corporation was authorized to issue 2,000 shares of common stock with a par value of P100 per share. Received the following subscriptions from five incorporators: Garcia Sanchez 100 shares 100 shares Tuazon 100 shares Villanueva 100 shares Lopez 100 shares 5 - 10 13 - 15 - 5 - 10- 13- 15 - 16- Lopez and Villanueva paid the subscriptions in full, and stock certificates were issued to them. The three other incorporators paid one half of their subscriptions. Tuazon and Sanchez paid their balances in full, and stock certificates were issued to them. After all lawful calls and notices, Garcia defaulted. His stocks were Lopez and Villanueva paid the subscriptions in full, and stock certificates were issued to them. The three other incorporators paid one half of their subscriptions. Tuazon and Sanchez paid their balances in full, and stock certificates were issued to them. After all lawful calls and notices, Garcia defaulted. His stocks were declared delinquent and were offered for sale in a public auction. Advertising expenses paid by the corporation amounted to P 700. At the public auction, Santos was the highest bidder for 70 shares. He paid the balance of the subscription plus advertising costs. 21 - The stock certificates were issued. 20- REQUIRED: a) Entries in the books of the corporation to record the above transactions. b) Assuming that nobody bidded and the corporation made a bid on the unpaid subscriptions, give the necessary entries in the books of the corporation to record the transactions from May 15 to 21